Weak results, and part of this disappointment could have been avoided with better guidance. Revenues are down 25% qoq as customers and TR reprogrammed major projects, as well as an execution slowed by the pandemic in the Middle East. The company now guides for revenues of at least €3.5bn for 2020 and €3.6bn in 2021, which is below our current estimates (€4.3bn and €4.6bn respectively). As a positive, TR sticks to an adjusted EBIT margin of 3% (excluding COVID-19 costs).